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8/24/2014 4:00PM

Mr. Wonderful's Tips on How to Win 'Shark Tank'

ABC's reality show "Shark Tank" is eating up ratings and launching start-up stars. But what are the real business lessons from 'Shark Tank'? Kevin O'Leary, known on the show as "Mr. Wonderful," joins the News Hub with Sara Murray.

This transcript has been automatically generated and may not be 100% accurate.

... with the problem is too much of the world needs a sports bra ... the truth is you're a Nothing burger and a small pea ... hundred twenty five thousand dollars is the going gets too and he means huge marketing dollars to make that brand even mean anything ... that's the problem you know that ... you know I think I think you know ... your debt ... at a clip from the entrepreneur reality show Shark tank and it's just that I get a kick this straight talk that are eyeing next Stephanie Mr. wonderful ... joining me now one of the stars the shark tank Kevin O'Leary ... getting Acer being here ... frontier taking place the Nikkei mean you've had the opportunity to talk a lot of entrepreneur is down I'm curious what someone in a Cardinal fan that people should not commit if their income on the second shark tank ... they should come armed with their numbers ... one of the biggest probably have much The Norris is ... that the decision that a lot of energy that they don't understand their business models ... it's a disaster when you come the shark tank in front of ... five season operators to success running on businesses and you don't know your business one warrior numbers ... get eviscerated that's what happens yet seems like business one oh one ... day the deal or turn a lot of folks away and serious is the only regret turning away is there anyone personally like May and I wish they would invest in that company ... now he uses the center ice ICE c to fifteen meals a day ... so I never cry over spilled milk doesn't matter to me to turn one down right don't get why are people who get it ... I know the next and shark tank LC thirty more opportunities ... I just don't care for so many fantastic opportunities because ... of the race for the Dutch are cases untested fantastic launch platform now ... we get a hundred thousand applications a year I'd know when this one ... and then again a great one two minutes later the blinkie to said they showed ads provide a huge public platform for new entrepreneur is to get a look at what a nice Christmas now ... it ... says make the deal would have ... been coming up on half a million dollars in revenue there's never been anything like sharks ... it's the most powerful venture capital firm on earth the Sharks as many as a means of people watching and ... all of those together match ... I ... the data are you ever worry that people come on the show just for the Phillies are not that they really wanna make a deal ... no we do have those we have more and more of them all the time the people try to use the platform but ... if you don't get a Sharps investment and you disappear pretty quickly ... and we in the producers together figured out will be called gold Diggers when we see somebody is clearly on there not to make a deal ... the news the plot from ... the dish out the tape often throw them out of Syria ... and this tax is the point that all bring your own ... business background in to share with you ... the company was O'Leary mortgage isn't just when I'm earlier this year I'm curious to get any tips for entrepreneur and about what to do after something like that when your business fails how do you get back up and move on ... well you know a certain point in that case you're investing is to make a deals and right now on my books I've got twenty one different deals ... that I've done of the last six years ... of those one thirty in the rear roaring success is one thirty to be called like all living dead which means that the financing and financing the nothing's working ... and alas third-largest dad just bought a business because the the operators were wrong about the market opportunity ... for their bad ability to execute the business plan ... the point is this portfolio management you are always going to have a deal dying at the same time the end of two or three ... the queue chips and that's what keeps you coming back I love working with aunt Norris but I know with certainty ... that only a few of them are giving huge tax in return capital but the fact that they do make up for all the mistakes I may ... I Mr. wonderful Kevin Ollie area shacking thanks for joining us ... take care of my ...